Disney to sell Miramax film unit to investors for $675 million

The world's largest media and entertainment conglomerate, The Walt Disney Company, has reportedly agreed to sell its  film unit, Miramax Films, to a consortium of investors for $675 million.

According to various media reports, Disney has agreed to sell Miramax, which it had acquired for $80 million in 1933 from its founders Bob and Harvey Weinstein, to Los Angeles-based construction magnate Ron Tutor and private equity firm Colony Capital for $675 million.

Disney was seeking around $600-$700 million for Miramax, which has a library of films that include The Secret Policeman's Other Ball , Pulp Fiction, Heavenly Creatures and Shakespeare in Love, among others.

Film producer Miramax both produced and distributed films including foreign films over its 31-year history. It was founded in 1979 by brothers Bob and Harvey Weinstein and was acquired by Disney in 1993.

The Weinstein's continued to run Miramax until 2005, when they decided to leave the company after having differences with Disney CEO, Michael Eisner on creative and financial matters. They went on to launch The Weinstein Company.

The Weinstein brothers, who have controlling rights to some movies in Miramax' library, had tried to negotiate a deal backed by billionaire investor Ron Burkle to buy Miramax in May 2010, but talks with Disney ended in failure.